Local shares recover; peso little changed on Thursday

By Joann Villanueva/PNA

MANILA — As the market digests news of stabilizing inflation, the main equities index came back to life on Thursday while the peso was almost unchanged.

After a two-day slide, the Philippine Stock Exchange index (PSEi) recovered and gained 0.52 percent, or 41.85 points, to 8,100.30 points.

BPI Financial Markets Group Research, in its market report, said the main gauge rose ahead of the Monetary Board’s (MB) announcement that it would be keeping key rates steady for the moment.

The Board maintained the central bank’s key policy rates on expectations that inflation will continue to decline and go back to within target levels as early as March this year.

Thus, the broader All Shares mirrored the main index’ rise after it went up by 0.27 percent, or 13.09 points, to 4,906.57 points.

Most of the sectors also gained during the day, led by the Holding Firms, 1.06 percent; and was followed by the Financials, 0.25 percent; Property, 0.17 percent; and Mining and Oil, 0.005 percent.

Both the Industrial and Services, meanwhile, dropped by 0.04 percent.

Volume reached 3.43 billion shares amounting to PHP7.42 billion. Losers led gainers at 115 to 96 while 47 shares were unchanged.

Relatively, the peso ended the day at 52.24 from 52.235 Wednesday.

It opened the day at 52.30, little changed from the 52.34 a day ago. It traded between 52.365 and 52.20, resulting to an average of 52.29. Volume surged to USD1.27 billion from USD746.4 million in the previous session.

The currency pair is seen to trade between 52.15-52.35 Friday.

Popular

Taal Lake site assessment yields sack containing ‘bones’ — DOJ

By Brian Campued The Department of Justice (DOJ) confirmed that authorities retrieved a sack containing burned remains believed to be human bones during the initial...

LTO integrates online driver’s license renewal system in eGovPH app

By Dean Aubrey Caratiquet The Land Transportation Office (LTO) has integrated the online driver’s license renewal in the eGovPH app, which ensures a fast and...

5 of 21 Filipinos in Houthi-hit ship in Red Sea rescued — DFA

By Joyce Ann L. Rocamora and Marita Moaje | Philippine News Agency Five of the 21 Filipino seafarers manning the cargo vessel Eternity C, which...

PBBM directs gov’t officials: Focus on work, avoid politicking

By Dean Aubrey Caratiquet At the Malacañang press briefing this Wednesday, July 9, Presidential Communications Office (PCO) Undersecretary and Palace Press officer Claire Castro reiterated...